Post-Keynesian theory, technology policy and long-term growth

Renaud Bellais ()
Additional contact information
Renaud Bellais: ENSTA Bretagne_SHS - Département Sciences Humaines et Sociales ENSTA Bretagne - ENSTA Bretagne - École Nationale Supérieure de Techniques Avancées Bretagne

Post-Print from HAL

Abstract: Research and innovation are not addressed as central features in most Post Keynesian models, which integrate technological progress through capital accumulation. Analyzing aggregate demand and unemployment without integrating the impact of research leads to an incomplete understanding of the growth process. This paper aims at integrating the analysis of research in the Post Keynesian approach. Firms' inability to support basic, unfettered research contributes to the instability of capitalism, since it reduces tomorrow's investment opportunities. In a nonergodic world, true and fundamental uncertainty explains why firms choose such a strategy, and why a "comprehensive socialization of investment" is necessary through adequate public policies.

Keywords: investment; long-term growth; Post Keynesian; R&; socialization of investment; technology policy; uncertainty (search for similar items in EconPapers)
Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Published in Journal of Post Keynesian Economics, 2004, 26 (3), pp.419-440

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01018524

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().